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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TURKEY
- USD/TRY trades -0.24% lower this morning, having made an early attempt to break the upper threshold of its lateral channel this morning.
- Pressure is building in USD/TRY to move higher above 13.70 as deeply negative real yields, coupled with broad-based risk-off in global markets increase pressure on the lira.
- Ukraine tensions remain the primary focus this week for global risk sentiment as Lavrov & Blinken speak towards the end of the week, followed by Biden-Putin talks.
- Data-wise, seasonally adjusted 4Q GDP and trade balance data will be eyed locally, while the US delivers PMI and QoQ 4Q GDP figures.
- A consolidated break through 13.721 should add momentum to a move back towards 13.9542 resistance, where analysts believe the CBRT and state banks will likely try to defend the level to keep TRY stable in line with Erdogan’s promises.
- Intraday Sup1: 13.5823, Sup2: 13.5489, Res1: 13.6614, Res2: 13.7261
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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